Account Setting and Use
The Kins credit card is of two types: either a RMB card or a RMB-and-foreign-currency card. As for the RMB card, both transactions within and out of China will be settled in RMB; and as for the RMB-and-foreign currency card, transactions within China will be settled in RMB and those outside of China in USD.
Interest Calculation
The Kins credit card is a credit payment instrument featuring repayment after consumption. Deposit in the credit card account is deemed as excess repayment and no interest will be offered by ABC. You pay no interest if you repay in time the total amount of non-cash transactions. Otherwise, you need to pay the interest for the total amount due as of the billing date. Cash advances do not enjoy a grace period, and interest on the withdrawn amount will be charged from the billing date. The interest is charged at a daily interest rate of 5/10,000 and subject to adjustment according to regulations of PBOC. Compound interest is charged monthly by currency.
Grace Period Calculation
Grace period, an interest-free treatment for payment transactions only, is provided for card holders who make regular repayments in full on their card accounts. The grace period commences on the billing date and ends on the repayment due date, ranging from 25 days to 56 days.
For example: If your statement date is the 10th day of each month, then your repayment due date is the 25th day following the statement date. If you make a purchase on the 10th day of a month, you enjoy a grace period of 25 days. If you make a purchase on the 9th day of a month, you enjoy a grace period of 26 days. If you make a purchase on the 11th day of a month, your grace period ends on the repayment due date of the next month, totaling 56 days.
Grace Periods Are Not Available in the Following Situations:
You have not repaid the total amount due in time;
Your total transactions exceed the credit limit of your card;
Cash advance with the card.
Customer Service Center : 95599
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